Exco Resources Inc · OTC:EXCE
Exco Resources — Shareholder Meeting (May 2016)
8 slides from Exco Resources's shareholder meeting presentation, May 24, 2016
Slide 1: Annual Meeting of Shareholders
Annual Meeting of Shareholders C. John Wilder Hal Hickey Executive Chairman Chief Executive Officer May 23, 2016 Exhibit 99.1
Slide 2: EXCO Overview: Three Concentrated Resource Positions
EXCO Overview: Three Concentrated Resource Positions Operating Area Overview 1 Core Basins 2 Net Production3 13-16; Mmcfe/d 3 As of Dec. 31, ‘15. The Total Proved Reserves as of Dec. 31, ‘15 were prepared in accordance with the rules and regulations of the SEC. The reserves were prepared using refer
Slide 3: EXCO Restructuring Progress Has Been Significant
Focus Area # Improvement Plan Results Liability Management 1 Improve Debt Structure To Provide Structural Liquidity Reduced ‘18 note principal by $606MM, or 81% Reduced ‘22 note principal by $317MM, or 63% Redetermined borrowing base to $325MM; $256MM of liquidity as of March 31, 2016 Extended weigh
Slide 4: #1: Improve Debt Structure To Provide Structural Liquidity
Capitalization pre and post exchange/ debt buyback 15-16; Mixed measures 1 Net debt reduction as a percentage of total unsecured debt 15-16; % 2 $MM Unless Otherwise Noted Sep ’15 Mar ’16 Delta % Cash And Restricted Cash 42 74 32 76 Credit Agreement 300 133 -167 -56 2nd Lien Term Loans 0 700 700 n/a
Slide 5: #2: Restructure Gathering And Transportation Contracts
ETX/NLA Gross Transportation Commitments 16; $MM 1 Execution Strategy 2 More must be done to restructure contracts Market unutilized portion of transportation to increase utilization Evaluate M&A transactions to increase utilization Continue to blend and extend gathering and transportation contracts
Slide 6: #3: Reduced LOE By ~40% And G&A By ~50%
LOE By Quarter 15-16; $MM 1 Headcount & G&A Reduction 15-16; Mixed Measures 2 #3: Reduced LOE By ~40% And G&A By ~50% 40% LOE Reduction Since Q1 15 52% Headcount Reduction Since Q1 15 $54MM1 G&A Run Rate $28MM2 G&A Run Rate Represents Q1 ‘15 GAAP G&A of $15.2MM adjusted to exclude $1.7MM of non-cash
Slide 7: #4: Improved Drilling And Completion Performance
ETX drilling days versus depth 15; ft., Days 1 NLA drilling days versus depth 16; ft., Days 2 ETX/NLA well cost reduction 15-16; % 3 Drilling & completion performance 16; Mixed measures 4 Currently drilling fastest and lowest cost wells in company history Record low well costs derived from improved
Slide 8: Capital Program Overview
Capital Program Overview 16; Mixed Measures 1 Capital Budget By Type 16; $MM 2 Development Capital Spending By Area 16; # 3 Category Descriptions Reduced ‘16 Program Announced additional reduction in ‘16 capital program on March 30 Elected to defer additional development to preserve capital resource